Abstract: Mood proxy variables refer to the noneconomic variables which have an impact on investors’ judgments to the asset market, such as weather, biorhythms, lunar phases, beliefs, social events, asset images etc. Being similar to “butterfly effect”, investors always made ignorance to these impacts. However there were some researches showing that they had induced great fluctuations on the stock market. This article summarized the influences induced by two kinds of mood proxy variables (the “misattribute” variables and the “heuristic” variables) to investor decision-making. These researches not only brought benefits to investors from understanding the effects of the mood, but also provided evidences for the government to take polices and control the market

Key words: Mood proxy variables, Investor decision-making, mood misattribute, affect heuristic